June 28, 2010
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Yuji Kubo, CFO(Tel. +81-3-3272-7311)

Notice concerning Sale of Assets (Lexington Square Fushimi & 1 Residence & 1 Hotel)
Invincible Investment Corporation (INV) announces the decision made today to sell 3 properties
under management as follows.
1. List of Assets to be soldNo.

※A70R-23

Lexington Square Fushimi

2,128

2,800

Difference between
Scheduled SalePrice and BookValue (mn JPY)
-672

A79

R-32

BIG TOWER Minami 3-Jo

1,665

2,200-534

C20T-3

Lexington Plaza Hiroshima Otemachi

1,400

2,270-870

Property Name

ScheduledSale Price(mn JPY )Book Value(mn JPY)

Total
5,193
7,270-2,076(Note 1) Sale price excludes adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax.
(Note 2) Regarding the acquisition price of the properties which LCP used to hold, the appraisal value as ofFebruary 1, 2010 is basically used in the above list and the actual acquisition price may vary.
The same shall apply hereinafter.
(Note 3) Figures are rounded down to the indicated unit.
(Note 4) Since figures are rounded down to the indicated unit, total figures may not always equal the figures
added up in the above list.
(Note 5) ※ in the list above is showing property number of LCP before the merger with TGR.

12. Details of Sale
(1) A70 Lexington Square Fushimia.
Property Type:
Trust beneficiary interest in real estateb.
Property Name:
Lexington Square Fushimic.
Acquisition Date:
October 31, 2006d.
Scheduled Sale Price:
JPY 2,128 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)e.
Acquisition Price:
JPY 2,800 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)f.
Book Value:
JPY 2,800 million (as of February 1, 2010)g.
Difference between
Scheduled Sale Priceand Book Value:
JPY -672 millionh.
Scheduled Contract
Date:
June 30, 2010i.
Scheduled Sale Date:
June 30, 2010
j.
Buyer
:
Domestic Corporation (Refer to 5. below).
k.
Sale Method:
Sale of real estate in the form of a trust beneficiaryinterest to abovementioned buyer(2) A79 BIG TOWER Minami 3-Joa.
Property Type:
Trust beneficiary interest in real estate
BIG TOWER Minami 3-Job.
Property Name:c.
Acquisition Date:
October 26, 2007d.
Scheduled Sale Price:
JPY 1,665 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)e.
Acquisition Price:
JPY 2,200 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)f.
Book Value:
JPY 2,200 million (as of February 1, 2010)g.
Difference between
Scheduled Sale Priceand Book Value:
JPY -534 millionh.
Scheduled ContractDate:
June 30, 2010i.
Scheduled Sale Date:
June 30, 2010
j.
Buyer
:
Domestic Corporation (Refer to 5. below).
k.
Sale Method:
Sale of real estate in the form of a trust beneficiaryinterest to abovementioned buyer2(3) C20 Lexington Plaza Hiroshima Otemachia.
Property Type:
Trust beneficiary interest in real estate
Lexington Plaza Hiroshima Otemachib.
Property Name:c.
Acquisition Date:
November 24, 2006d.
Scheduled Sale Price:
JPY 1,400 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)e.
Acquisition Price:
JPY 2,270 million(excluding adjusted amount of real property tax and city planning tax, as well as
consumption tax and local consumption tax)f.
Book Value:
JPY 2,270 million (as of February 1, 2010)g.
Difference between
Scheduled Sale Priceand Book Value:
JPY -870 millionh.
Scheduled Contract
Date:
June 29, 2010i.
Scheduled Sale Date:
June 29, 2010
j.
Buyer
:
Domestic Corporation (Refer to 5. below).
k.
Sale Method:
Sale of real estate in the form of a trust beneficiaryinterest to abovementioned buyer

3. Reason of Sale
Based on asset management targets and policies defined in INV’s Articles of Incorporation, theAsset manager, Consonant Investment Management Co., Ltd., has thought of the sale of theproperties after taking into consideration trends on the real estate market, forecasts of future
revenues and changes in asset value and other factors of the property, as well as the structureand composition policy of INV’s portfolio.
The real estate market in Japan has been affected by the turmoil in the global financial markets,the credit crunch and the resultant economic recession. Under these conditions, land prices
have collapsed, vacancy rates for both office buildings and luxury rental residences located inurban areas have risen, and competition for acquiring tenants has intensified in regional areas.
Thus, the real estate market in Japan remains severe. In the J-REIT market, signs of recovery
have appeared with some investment corporations announcing plans to acquire properties, oractually acquiring them. As for investment corporations whose loan to value (LTV) ratios arecomparatively high, the availability of financing is still uncertain and there are concerns thatprofitability will worsen due to increasing financing costs.
With borrowings due for repayment at INV in June 2010 and onwards amid the ongoing
uncertainty over the future of the external environment surrounding INV stemming from theworsening global financial crisis and credit crunch, an improvement in the financial
management base is regarded to be of one of the most important matters at this point in time.
Although the sale prices of the properties to be sold are under the appraisal value and book3

value, negative goodwill is expected to be generated (the price is not fixed yet as of today) by
the merger with LCP investment Corporation and it may enable to control the effect on thedividend and the sale of properties. Also, INV intends to improve the financial position by
repaying borrowings with revenues from the sale of properties and reducing interest-bearing
liabilities and then put the efforts to establish a new growth strategy.

4. Details of Asset(1) A70 Lexington Square Fushimi
Property Type
Beneficiary interests in trust
Location(Lot Number) 1-801-2, Nishiki, Naka-ku, Nagoya City, Aichi Pref.
(Address)
1-8-49, Nishiki, Naka-ku, Nagoya City, Aichi Pref.
About 6 minute walk from Kokusai Center Station on Nagoya Subway SakuradoriTransport Access
LineLandType ofOwnership
ZoningCommercial Zone
ownership
Building
2
Total land
coverage ratio /80 % / 600 %
1,260.79marea
FAR
Building

PML
TrusteeEnd of Trust
PeriodAcquisition PriceAppraisal Value at
Period End
Appraiser
Mortgage
Details of Tenants(Note 1)

Type ofResidence
Ownership
Property typeownership
Total floor
7,884.56 m2
Completion date September 2006AreaStructure &Steel-reinforced concrete, roof deck, 15 stories
Floors
6.9 %The Chuo Mitsui Trust and Banking Company, Limited
January 31, 2016
JPY 2,800 million
JPY 2,800 million (as of February 1, 2010)

Tanizawa Sogo Appraisal Co., Ltd.
Yes
No. of tenants
1 Rentable units
Monthly rent
JPY 16,809 ths Rented units
Security
JPY 16,594ths Leasable area
deposits
Occupancy rate
95.2% Leased area
(Note 1) Details of Tenants are the figures as of August 31, 2009.
(Note 2) Figures are rounded down to the indicated unit.

4123116
7,022.69 m2
6,684.20 m2

(2) A79 BIG TOWER Minami 3-Jo
Property Type
Beneficiary interests in trust
Location(Lot Number) 2-15-1, Minami 3-Jo Higashi, Chuo-ku, Sapporo City,
Hokkaido(Address)
About 4 minute walk from Bus Center mae Station on Sapporo Subway
Transport AccessTozai Line
Land
Type ofOwnership
ZoningCommercial zone
ownership
Building
2
Total land
80% / 600%
coverage ratio /1,590.67marea
FAR
Building

PML
TrusteeEnd of Trust
PeriodAcquisition PriceAppraisal Value at
Period End
Appraiser
Mortgage
Details of Tenants(Note 1)

Type ofResidence
Ownership
Property typeownership
Total floor
12,157.49 m2
Completion date September 2007
Area
Structure &Reinforced concrete, roof deck, 31 stories with basement
Floors2.0%
The Chuo Mitsui Trust and Banking Company, Limited
October 31, 2017
JPY 2,200 million
JPY 2,200 million (as of February 1, 2010)

Japan Real Estate InstituteYes
No. of tenants
1 Rentable units
Monthly rent
JPY 15,312 ths Rented units
Security
JPY 14,528 ths Leasable area
deposits
Occupancy rate
89.9 % Leased area
(Note 1) Details of Tenants are the figures as of August 31, 2009.
(Note 2) Figures are rounded down to the indicated unit.

179161
8,661.19 m2
7,784.56 m2(3) C20 Lexington Plaza Hiroshima Otemachi
Property Type
Beneficiary interests in trust
Location(Lot Number) 3-7-10-1 Otemachi, Naka-ku, Hiroshima City, Hiroshima Pref.
(Address)
3-7-9 Otemachi, Naka-ku, Hiroshima City, Hiroshima Pref.
Transport Access About 2 minute walk from Chuden-mae Station on Hiroshima Dentetsu LineLand
Type ofOwnership
ZoningCommercial zone
ownership
Building
2Total land
100% / 800%
819.67m
coverage ratio /areaFAR
Building

Type ofownership

Ownership

Property type5

Hotel, ShopPML
TrusteeEnd of Trust
PeriodAcquisition PriceAppraisal Value at
Period End
Appraiser
Mortgage
Details of Tenants(Note 1)

Total floor
6,529.48 m2
Completion date August 2006
Area
Structure &Reinforced concrete, roof deck, 14 stories
Floors
8.3 %The Chuo Mitsui Trust and Banking Company, Limited
November 30, 2016
JPY 2,270 million
JPY 2,270 million (as of February 1, 2010)

Tanizawa Sogo Appraisal Co., ltd.
Yes
No. of tenants
2 Rentable units
Monthly rent
JPY 14,579 ths Rented units
Security
JPY 76,581 ths Leasable area
deposits
Occupancy rate
100.0 % Leased area
(Note 1) Details of Tenants are the figures as of August 31, 2009.
(Note 2) Figures are rounded down to the indicated unit.

6,395.45 m2
6,395.45 m2

5. Details of Buyer
The buyers of the 3 properties are domestic corporations in Japan. (Except for Lexington Plaza
Hiroshima Otemachi, each of the buyers is a same corporation.)
The details are not indicated as consent for disclosure of the name and other information has
not been obtained from the buyers.
As of today, the buyers are not in capital, personnel or transactional relationship with INV’s
asset manager. In addition, the buyers are not related parties of INV or its investment
management company. And buyer does not under the category of a related party as stipulatedof the Law Concerning Investment Trusts and Investment Corporations as well as related
sponsors as defined in a self-rule of the asset manager as a countermeasure of a conflict ofinterest.

66. Details of agent(1) A70 Lexington Square Fushimi and A79 BIG TOWER Minami 3-Jo
There are 2 agents of the 2 properties to be sold as follows.
The Chuo Mitsui Trust and Banking Company, Limiteda. Company nameb. Office address
3-33-1, Shiba, Minato-ku, Tokyo
c. Representative
Jun Okuno, Director & President<Trust and Banking Business>
d. Major business1. Trust business2. Banking business
3. Business concurrently engaged in<Business related to financing and other>
4. Securities business5. Credit guaranty business6. Credit card businessetc.
e. Capital
JPY 399.6 billion (as of March 31, 2010)
f. Foundation date
May 1962
g. Relationship with INV and its Asset manager
As of today, the buyer is not in capital, personnel or transactional relationship with INV or its
asset manager.
In addition, the buyer is not related party of INV or its asset manager.
And the buyer does not under the category of a related party as stipulated of the Law
Concerning Investment Trusts and Investment Corporations as well as related sponsors as
defined in a self-rule of the asset manager as a countermeasure of a conflict of interest.
The detail is not indicated as consent for disclosure of the agent fee
h. Agent feehas not been obtained from the agent.
a.

Company name

Nomura Real Estate Urban Net Co., Ltd.

b.

Office address

1-26-2, Nishi-Shinjuku, Shinjuku-ku, Tokyoc.

Representativee.

Capital

Nagayoshi Kanehata, Director & President
1. Distribution business of housing
2. Distribution business of properties for business purposes
3. Sale on consignment business for new properties
4. Renovation business for condominiums
5. Investment management business6. Insurance agency
JPY 1 billionf.

Foundation dateNovember 6, 2000

g.

Relationship with INV and its Asset management company
As of today, the buyer is not in capital, personnel or transactional relationship with INV’s
asset management company.
In addition, the buyer is not related party of INV or its asset
management company. And the buyer does not under the category of a related party as
stipulated of the Law Concerning Investment Trusts and Investment Corporations as well
as related sponsors as defined in a self-rule of the asset management company as acountermeasure of a conflict of interest.
The detail is not indicated as consent for disclosure of the agent fee
Agent fee
has not been obtained from the agent.

d.
Major businessh.

7

(2) C20 Lexington Plaza Hiroshima Otemachi
Agent of the property is as follows.
a. Company name
The Sumitomo Trust and Banking Co., Ltd.
b. Office address
4-5-33, Kitahama Chuo-ku, Osaka city, Osakac. Representative
Hitoshi Tsunekage, Director & President
Financial businessd. Major businesse. Capital
JPY 342.0 billion (as of September 30, 2009)
f. Foundation dateJuly 1925
g. Relationship with INV and its Asset management company
As of today, the buyer is not in capital, personnel or transactional relationship with INV’sasset management company.
In addition, the buyer is not related party of INV or its asset
management company. And the buyer does not under the category of a related party as
stipulated of the Law Concerning Investment Trusts and Investment Corporations as well
as related sponsors as defined in a self-rule of the asset management company as acountermeasure of a conflict of interest.
The detail is not indicated as consent for disclosure of the agent fee
h. Agent fee
has not been obtained from the agent.
7. Schedule of sale(1) A70 Lexington Square Fushimi and A79 BIG TOWER Minami 3-Jo
Date of sale decision
June 28, 2010
Scheduled contract date
Scheduled date of proceeds
June 30, 2010
Scheduled sale date(3) C20 Lexington Plaza Hiroshima Otemachi
Date of sale decision
June 28, 2010
Scheduled contract dateJune 29, 2010
Scheduled date of proceeds
Scheduled sale date

8. Usage of Proceeds
The proceeds from the above sale is allocated to resources of repayment of part of borrowings.

9. Future Outlook
Sale of the properties does not change the outlook on forecast of INV’s performance for 15th
Fiscal Period Ending December 2010 (January 1, 2010 to December 31, 2010).

8[For Reference]
Portfolio List after the Sale

9

(Note 1) Investment Ratio = individual acquisition price/ Total of acquisition price
Figures are rounded down to the second decimal place.
(Note 2) Acquisition Price is rounded down to the indicated unit.
(Note 3) “The Greater Tokyo Area” in area of the list above is defined as “Tokyo and Kanagawa, Chiba, Saitama
prefectures”.
Also, “Main Provincial City” is defined as “Surrounding area of the Greater Tokyo Area” and main
provincial cities such as “Ordinance-designated cities except for the Greater Tokyo Area” andsurrounding area of Ordinance-designated cities.
(Note 4) ※ in the list above is showing property number of LCP before the merger with TGR.
(Note 5) Regarding the acquisition price of the properties which LCP used to hold, the appraisal value as ofFebruary 1, 2010 is basically used in the above list and the actual acquisition price may vary.

Note: This English language notice is a translation of the Japanese language notice released on June
28, 2010 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurance are given for its accuracy or completeness of this English translation.

10